ASX:IPH

While the month-end reports for February will indicate the ASX Small Ordinaries finished the February reporting period dead flat, it would be difficult to find any smaller cap investors this month that would summarise the reporting period as dreary.
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We initiated a short position in Telstra in February 2017, premised on rising mobile & broadband competition, which was likely to impact on Telstra’s growth outlook. Rising 10-yr bond rates make it a double-whammy for Telstra, which we also view as a bond-proxy.
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Leading Asian-Pacific intellectual property group, IPH has announced positive numbers this morning. After the price nearly halved through CY16, Sam Haddad at Bell Potter chose it as a top stock pick for FY18. However, Tony Waters of QVG and Jeremy Bendeich at Avoca recently provided seven stark warnings.
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We’ve seen how rollups can be an amazing source of growth, but they can also be painful when they come unstuck. In this episode of Buy Hold Sell, we look at 5 companies that are growing by acquisition. We ask our panel whether momentum will continue for the glamour stocks,...
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In the second half of 2016, as markets began to realise that the bottom for bond yields had likely been hit, a seismic shift started to occur in equity markets. In recent years, quality and growth had been the focus of larger fund managers. “A weight of money came in...
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Back in February 2016, Jeremy Bendeich from Avoca Investment Management shared his list of stocks that were vulnerable to earnings misses, which formed a handy acronym - ‘BITBAD’. Blackmores, IPH, TPG, Bellamy’s, A2 Milk, and Domino’s Pizza. Since then, four of the six are down more than 20%. A simple...
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Whilst global markets have maintained positive momentum into 2017, valuations look stretched. Markets are going to run into the US reporting season given the US leadership change and the recent rally pricing due to the optimistic outlook. However, US fiscal policy uncertainty, historically low volatility, rising USD, rising yields and...
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Market followed the global positive sentiment higher as expectations of ECB delivering more stimulus. We don’t think the ECB is going to come out and spend more…but more likely to play defence by stretching out QE time frame to reduce uncertainty in 2017 when the EU super powers like Germany...
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Market built on the early positive run to finish a solid positive day despite a substantially weak GDP data. The weak GDP data, underemployment worries and low wages growth shows the weakness in the local economy despite the strong commodity prices. Beaten up stocks were the best performers again today...
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Market closed positive despite multiple efforts to go higher were met by profit taking on the back of previous five out of the six days delivering negative returns. US market continues to hold stretched levels despite US dollar index beginning to roll over. Global markets continue to struggle with historically...
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Market fell hard from the open on Italian vote going against the government before making a few recovery cycles to finish off the day’s lows. Austrians went with the plan to vote against the far right party while Italians have voted against the referendum to set the scene for more...
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Market fell hard to pretty much unwind all the gains from yesterday’s big bounce ahead of EU break up worries. The US president elect is moving back into reality star mode and threatened US corporates with tariffs to keep them from moving jobs outside US. The reality is that the...
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Market bounced hard today on the back of OPEC deal. The market has been seeing a big portfolio transition over the last few days…smells like global transition portfolios are going through…they have been adding exposure to Banks and Resources. There was a lot of short covering in some of the...
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Market remains in the land of aimlessness with profit taking the most likely result as EU breakup worries start to take center stage. Market continues to struggle with historically high commodity prices with historically high USD while US rates are going up and US volatility is going down….something has to...
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Market is flip-flopping between aimlessness and profit taking mode ahead of the EU breakup worries and US Fed raising rates. Market continues to struggle with historically high commodity prices with historically high USD while US rates are going up and US volatility is going down….something has to give and that...
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Market is back in profit taking mode as we run into the last two weeks before US Fed raising rates while Italian referendum and Austrian presidential election sets the scene for EU breakup. We have historically high commodity prices with historically high USD while US rates are going up and...
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Market was back in the aimless mode without mother goose US to set the path tonight. Thanksgiving holiday tonight in the US means the world will be confused tonight. Tomorrow night may also be lacking sentiment in the US as investors would have taken the day off to make the...
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